Iran to invite foreign companies to bidding on oil and gas

TEHRAN, Iran – Iran's oil ministry website says the country will invite foreign companies on Monday to bid for oil and gas projects in Iran.

The Sunday report by Shana.ir did not say how many projects would be involved.

It will be the first time Iran offers an international tender for oil and gas projects since a landmark 2015 nuclear deal with world powers went into effect in January.

The ministry's website said foreign companies should submit their applications by Nov. 19, and the successful companies would be announced Dec. 7.

With production of more than 3.5 million barrel of crude per day, the OPEC producer hopes to attract both foreign investment and technology after years of isolation. International sanctions were lifted in January under a deal curbing Iran's uranium enrichment program.